Live Updates > Live Update Details
2026-03-07 04:19:27
[Report: Oil Prices Post Record Weekly Gain Due to Continued Closure of Strait of Hormuz] The ongoing conflict in the Persian Gulf has halted shipping through the Strait of Hormuz, disrupting oil supplies and pushing crude oil futures to their highest level in two and a half years. West Texas Intermediate (WTI) crude settled up 12% at $90.90 a barrel, while Brent crude rose 8.5% to $92.69 a barrel. WTI and Brent crude saw weekly gains of 36% and 27% respectively, the largest percentage increases since records began in 1983 and 1991. Amarpreet Singh of Barclays stated in a report that "uncertainty is high and escalating, and based on all available information, the worst does not appear to be over," adding that "if this situation continues for a few more weeks, Brent crude prices could test $120 a barrel."
